New
National Fee Tracking Database Gives Banks and Credit Unions Live
Competitive Information on Retail Deposit Fees.
San
Anselmo, CA, USA (September 15, 2015) -- Market
Rates Insight, Inc., the leader in financial
services pricing intelligence for deposits, personal loans,
mortgages, and fees, today announced the launch of FeeBuilder™, the
first live retail deposit fees database for financial institutions
(FIs). FeeBuilder is a subscription-based, interactive,
decision-support fees database that helps financial institutions
(FIs) make up-to-the-moment observations about retail FI deposit fees
nationwide. The latest FDIC data shows that consumer overdraft
charges, periodic maintenance charges, and ATM fees alone make up
more than 50 percent of service charges on deposit accounts.
FeeBuilder provides a competitive benchmark for FIs to optimize
competitive deposit account fees instantly, and to answer off-cycle
fee questions.
FeeBuilder
was designed to help FI decision-making for competitive deposit fees.
It provides instant peer-to-peer analyses at the national, state, and
local level with comprehensive competitive fee data on checking,
savings, money market accounts, and certificates of deposit.
FeeBuilder covers overdraft, non-sufficient funds (NSF), monthly
service fees, ATM fees, and wire transfer. Users can segment by
product, geographic market, and by FI. FeeBuilder includes access to
deposit fees at 95 percent of banks with over $10 billion in assets,
98 percent of credit unions with more than $1 billion, and all
significant direct banks. With 1,700 FIs and growing, this database
is essential for FIs that depend on deposit fee revenue, and it is
the first and only fees tracking service to offer daily updates for
immediate decision support.
With
interest rates still at record lows, FIs are increasingly dependent
on deposit fees for revenue. In fact, overdraft fees have become a
primary source of revenue, accounting for nearly $32 billion in 2013.
Very soon, the Consumer Financial Protection Bureau (CFPB) will issue
new overdraft guidelines that will affect some fee revenue.
"FI
margin squeeze is real. Banks and credit unions are facing mounting
market and regulatory pressures at a time when the velocity of change
and demands for transparency are overwhelming," said Rick
Barham, founder and CEO of Market Rates Insight. "It's more
important than ever to be able to have a fast and accurate fees
benchmark. Aligning your deposit fees with live market data not only
helps you keep pace with the competition, but it also means you
aren't leaving potential revenue on the table. FeeBuilder helps our
clients stay one step ahead, and it answers their most pressing
questions."
FeeBuilder
is essential for executives who need to set deposit fees or develop
new financial products. FeeBuilder can be applied in a number of
ways:
1.
FeeBuilder answers off-cycle questions about fees without the usual
delay of waiting for a custom fee study.
2.
FeeBuilder helps FIs locate alternative revenue sources to Overdraft.
3.
FeeBuilder provides a competitive benchmark for current and new
products.
4.
FeeBuilder reveals market trends by geography, product category, and
institution.
5.
FeeBuilder shows where the CFPB is exerting influence on OD with live
market data.
6.
FeeBuilder also is valuable for business development, opening new
markets, and M&A strategies.
FeeBuilder
is delivered as a quarterly report and on-demand. The data is
structured as a comprehensive spreadsheet that provides snapshots
that can be manipulated for inclusion in reports, projections, and
presentations.
Included
with the FeeBuilder subscription is a quarterly bonus look at the
data via TrendSpotter, showing fee changes highlighted by product
category or institution. TrendSpotter quickly reveals how the
industry is responding to consumer and regulatory pressure regarding
fees, and it shows accumulated changes by fee at the national level.
For
more information, visit http://www.marketratesinsight.com.
About
Market Rates Insight
For
over 30 years, Market Rates Insight has helped banking executives
make better informed pricing decisions. The company serves banks and
credit unions nationally with competitive information on deposits,
consumer loans, mortgages, and fees. Market Rates Insight provides
the most granular historical and refresh pricing data in the
industry, helping financial decision makers plan and prepare for
likely changes in rates and products. The company's cloud-based
system provides timely and precise competitive data supported by
usable graphs and charts.
Market
Rates Insight is located in San Anselmo, California. For more
information, see http://www.marketratesinsight.com.
Artwork
available upon request.
Media
Contact:
Tom
Woolf
Market
Rates Insight
(415)
259-5638
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